RBNZ Chair Comments on Central Bank of the Year Award

Release date

13 January 2015

The Central Bank of the Year award
given to the Reserve Bank of New Zealand is recognition of innovative work
undertaken by the Bank to enhance its contribution to the New Zealand economy,
Reserve Bank Chair, Dr Rod Carr, said today.

London-based Central Banking Publications (the Central Banking
Journal and CentralBanking.com) announced overnight that the Reserve Bank
of New Zealand has won its ‘Central Bank of the Year Award' for
2015.

Dr Carr said that the Board of the Reserve Bank considered it an honour for
the Bank to receive the award.

"The Bank has worked towards playing its part in steering the economy
on a steady path, through recovery from the Christchurch earthquakes, strong but
now moderating terms of trade, and despite house price pressures, a weak
international environment, and a high New Zealand dollar. At the same
time, it has implemented macro-prudential policy to moderate financial stability
pressures from the housing market.

"The Bank has also taken on broader responsibilities for prudential
supervision of insurance companies, and has initiated a programme to enhance the
security of New Zealand's banknotes."

Dr Carr noted that the Bank has sought to broaden its communication and
engagement with the community, enhance staff development, refine its governance,
and build resilience through adoption of enterprise risk management.

"At a time when we recognise 25 years of inflation targeting, the Bank
has shown its ability to keep innovating. The Board of Directors sees this
award as validation of that work," Dr Carr said.

"The Bank continues to evolve in response to changes in the
international and domestic environment."

Background

Central Banking Publications is a financial publisher owned by Incisive Media
specialising in public policy and financial markets, with emphasis on central
banks, international financial institutions and financial market infrastructure
and regulation.

Central Banking Publications was founded in 1990, and makes a number of
annual awards to central banks and market participants over a range of
categories. This is the second year of the awards. The first Central
Bank of the Yearaward winner in 2014 was the People's
Bank of China.

The Central Bank of the Yearaward specifically recognises
"a central bank that has demonstrated significant resolve and authority in
fulfilling its mandate. Particular attention will be paid to details of
pioneering policy efforts and powerful communication supporting the central
bank's position."

Judging was by the Central Banking Awards Committee, which is made up of the
Central Banking Editorial Team and Editorial Advisory Board, comprising former
senior central bank governors from around the world.

Entry to the awards is by submission. The number of submitters is not
revealed.

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